Puerto Rico retail sales up $29.8M in Nov. ’14 to $3.4B
Puerto Rico retail sales for the month of November 2014 increased by $28.9 million to $3.4 billion the Puerto Rico Trade and Export Company said Thursday.
The jump was an increase of 86% compared to November 2013, when sales were $3.3 billion, and represent the eighth month of positive growth in 2014, said agency Executive Director Francisco Chévere.
“The results of this sales report reflect signs of recovery in the economy during the second half of 2014. The sectors that contributed the most to the increase in sales volume were grocery stores, department stores, furniture stores and stores that sell office supplies and toys,” he said.
“This behavior in sales was consonant with purchases made close to the holiday season,” Chévere said.
Similarly, cumulative sales from January to November 2014 saw an increase of 75 percent, compared to the same period of 2013. The total cumulative sales registered during this period were $33.9 billion, which represents an increase of $253.8 million compared with 2013.
Upon closer look, the sales report also reflects an increase in activity by small- and mid-sized businesses of 1.1 percent, reaching a total value of sales of $2.4 billion in November. Retail sales by this important sector of the economy accounted for 71.1 percent of total sales by commercial establishments in Puerto Rico, the agency noted.
The segmented sales report reflected that five of the nine regions in which Puerto Rico is divided experienced sales growth in November 2014 compared with the same month in 2013. The regions that showed positive performances for the month were: Aguadilla (up 4.1 percent), Guayama (3.8 percent), Arecibo (3.1 percent), Bayamón (2.1 percent) and San Juan (1.02 percent).